Who’s using what in P&C insurance: Aug. 12, 2019
News from Maple Tech, Nationwide, Duck Creek Technologies and more.
Maple Tech, a provider of cloud-based, core administration technology for property & casualty insurance companies, announced the completion of a planned migration to Amazon Web Services (AWS). The migration to the AWS cloud offers a number of significant benefits, foremost of which are better-guaranteed uptime and an added level of data security for Maple Tech clients.
Nationwide announced a strategic investment in VitusVet, one of the nation’s providers of mobile solutions for pet owners and veterinary practices. As part of the initial partnership, Nationwide pet insurance customers were given exclusive access to VitusVet app claims submission function.
Duck Creek Technologies has expanded its offerings through a new relationship with Milliman Inc. The two have jointly developed an Anywhere Enabled Integration, now available on Duck Creek Content Exchange, for insurers looking to expedite implementation through Duck Creek’s Anywhere API program.
DataCubes partnered with The Hanover Insurance Group Inc. Through the agreement, The Hanover will leverage DataCubes’ underwriting technology to enhance its agents’ experience with appetite and quoting transactions as well as streamline its underwriting process.
Good2Go Auto Insurance is leveraging Guidewire Software‘s Predictive Analytics for Profitability to embed predictive insights for pricing guidance and better compete in the market. The company is currently using its approved rating model, which leverages Predictive Analytics for Profitability, in Illinois and has filed similarly-built models for approval in Alabama and Delaware, with plans to utilize Predictive Analytics for Profitability to build and file models for approval in the rest of the states where it does business.
Avantia, the technology-enabled insurer behind HomeProtect, announced an update to its retail pricing model: it is employing Bayesian optimization as an alternative to traditional A/B testing. The new approach uses machine learning to more quickly identify the optimal price for its products. It achieves this with fewer rounds of iteration and with less reliance on human involvement and the biases that entails.
Global specialist insurer Hiscox went live with a new tool from Appulate that allows MGAs and their agents to obtain quotes for its general liability program for U.S. small businesses. The program will permit agents to experience real-time quoting of GL risks within Appulate’s solution and give them the opportunity to bind policies through a Hiscox and MGA co-branded portal immediately afterwards.